新 疆 冠 农 果 茸 股 份 有 限 公 司 XINJIANG GUANNONG FRUIT & ANTLER CO.,LTD. 2021 年第一季度报告 公司代码：600251 公司简称：冠农股份 新疆冠农果茸股份有限公司 2021 年第一季度报告 新疆冠农果茸股份有限公司董事会 2021 年 4 月 23 日编制 1 / 23 NONG 新 疆 冠 农 果 茸 股 份 有 限 公 司 xinjiang guannong fruit & Antler Co.,Ltd. 2021 年第一季度报告 | --- | --- | |-------|----------------| | 目录 | | | í | 重要提示 | | rí | 公司基本情况 . | | | 三、 重要事项 | | 四、 | 附录 . | 2 / 23 新 疆 冠 农 果 茸 股 份 有 限 公 司 XINJIANG GUANNONG FRUIT & ANTLER CO.,LTD. 2021 年第一季度报告 一、 重要提示 1.1 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完 整，不存在虚假记载、误导性陈 ...

Financial Performance - The company's operating revenue for 2020 was CNY 2,769,325,551.73, a decrease of 14.97% compared to CNY 3,256,880,896.35 in 2019[19] - The net profit attributable to shareholders of the listed company was CNY 246,985,319.13, an increase of 45.55% from CNY 169,692,781.41 in the previous year[19] - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 191,595,396.08, up 32.92% from CNY 144,141,833.84 in 2019[19] - The net cash flow from operating activities was negative CNY 1,596,990,511.64, a decrease of 229.93% compared to positive CNY 1,229,122,024.48 in 2019[19] - The net assets attributable to shareholders at the end of 2020 were CNY 2,415,173,493.63, an increase of 11.19% from CNY 2,172,102,366.04 at the end of 2019[19] - Total assets at the end of 2020 were CNY 6,411,331,082.13, an increase of 28.21% from CNY 5,000,580,611.00 at the end of 2019[19] Dividend and Shareholder Returns - The company plans to distribute a cash dividend of CNY 0.35 per 10 shares, totaling CNY 27,450,625.41 based on 784,303,583 shares[5] - The company plans to retain earnings to support ongoing business development and project construction, ensuring operational stability and growth[95] - The company aims to distribute no less than 30% of the average annual distributable profits over the last three years in cash dividends[101] Operational Highlights - In 2020, the company's operating income decreased by 14.97% compared to the previous year, primarily due to a reduction in cotton trading volume[22] - The basic earnings per share increased by 44.56% compared to the previous year, reaching CNY 0.3147 per share[22] - The gross profit margin increased by 25.97%, attributed to increased housing sales revenue from a subsidiary[22] - The cotton processing industry achieved a net profit of 82.79 million yuan, an increase of 800% compared to the previous year[43] - The tomato industry saw a production increase of over 50% year-on-year, with operating profit exceeding 53 million yuan, a growth of over 65%[43] - The sugar production segment achieved a net profit of 29.72 million yuan, a growth of 7% year-on-year[43] Investment and R&D - Research and development expenses increased significantly by 336.70% to CNY 2,709,330.98, indicating a focus on innovation[46] - The total R&D expenditure for the period amounted to ¥2,709,330.98, representing 0.1% of the operating revenue[61] - The company aims to enhance the tomato processing industry through technological innovations and improvements in supply chain management[62] Risk Management - The company has detailed potential risks in the report, which investors should review[7] - The company faces risks from raw material price fluctuations, with expected significant increases in the prices of beets and tomatoes due to competition for land with food crops[84] - The company acknowledges market risks due to intense competition in its three main businesses and the economic downturn caused by the global pandemic[85] Environmental and Social Responsibility - The company has received the "2020 Corps Poverty Alleviation Organizational Innovation Award" for its efforts in poverty alleviation[45] - The company aims to continue its poverty alleviation efforts by providing stable support and resources to targeted assistance areas, focusing on agricultural development and education[129] - The wastewater treatment facility operated for 70 days in 2020, processing 300,344.12 tons of wastewater with a chemical oxygen demand (COD) of 13.21 tons and ammonia nitrogen of 1.28 tons, all meeting environmental standards[140] Corporate Governance - The company has committed to compliance with legal and regulatory standards, ensuring no violations of court judgments or significant debts remain unpaid during the reporting period[109] - The company’s board approved the revised stock incentive plan and management measures in meetings held on May 15 and June 1, 2020[111] - The company has implemented a performance-based salary system for senior management, with the performance salary distributed after a full accounting year[177] Shareholder Structure - Xinjiang Guannong Group Co., Ltd. held 320,932,708 shares, accounting for 40.89% of total shares, with 50 million shares pledged[154] - The company has a clear ownership structure, with Xinjiang Guannong Group being the primary entity controlling the majority of shares[163] - The total number of shareholders reached 52,532 by the end of the reporting period[154] Management Changes - The company experienced changes in management, including the resignation of the general manager, Zhang Rui, due to work adjustments[179] - The company appointed Zhang Guoyu and Qi Lianhong as vice presidents on May 11, 2020, and May 22, 2020, respectively, with terms until the current board's term ends[171] - The company is actively engaging in management changes to enhance operational efficiency and governance[168]

Financial Performance - Net profit attributable to shareholders increased by 51.75% to CNY 233,198,775.44 year-to-date[13] - Operating revenue decreased by 17.06% to CNY 1,963,549,741.74 year-to-date[13] - Basic earnings per share increased by 52.10% to CNY 0.3001[13] - The weighted average return on equity increased by 2.85 percentage points to 10.18%[13] - Total profit for the reporting period was CNY 387.03 million, an increase of CNY 241.23 million or 165.45% compared to the same period last year, primarily due to increased revenue from property sales[21] - Net profit attributable to the parent company's shareholders for the reporting period was CNY 233.20 million, an increase of CNY 79.52 million or 51.75% compared to the same period last year, mainly due to increased property sales revenue[21] Assets and Liabilities - Total assets decreased by 8.56% to CNY 4,572,287,926.76 compared to the end of the previous year[13] - The company's total liabilities decreased to approximately CNY 1.69 billion from CNY 2.50 billion, a reduction of about 32.5%[35] - Shareholders' equity increased to approximately CNY 2.89 billion from CNY 2.50 billion, reflecting an increase of about 15.3%[35] - Total current liabilities include contract liabilities of CNY 1,780,047.52, which may impact future revenue recognition[56] Cash Flow - Net cash flow from operating activities decreased by 106.22% to -CNY 66,341,782.14 year-to-date[13] - Cash flow from operating activities for the first three quarters of 2020 was CNY 1,936,073,691.87, compared to CNY 2,530,940,493.21 in the same period of 2019, indicating a decrease of about 23.4%[45] - The net cash flow from financing activities was -214,262,746.71 RMB, an improvement from -1,628,447,574.68 RMB in the previous year[47] Shareholder Information - The total number of shareholders was 50,604 at the end of the reporting period[14] - The largest shareholder, Xinjiang Guannong Group Co., Ltd., holds 40.89% of the shares[14] - The total number of pledged shares by the controlling shareholder, Guannong Group, is 70 million, accounting for 21.81% of its total shares and 8.92% of the company's total share capital[29] Expenses - Operating costs for the reporting period were 1.62 billion RMB, a decrease of 25.48% compared to the same period last year, mainly due to reduced sales of cotton products[19] - Sales expenses for the reporting period were CNY 58.24 million, a decrease of CNY 23.24 million or 28.52% compared to the same period last year, mainly due to reduced freight costs[21] - Financial expenses for the reporting period were CNY 17.77 million, a decrease of CNY 22.84 million or 56.24% compared to the same period last year, primarily due to lower interest expenses[21] Investments and Acquisitions - The company completed the acquisition of a 51% stake in Akesu Yikang Storage Logistics Co., Ltd. for CNY 21.42 million during the reporting period[22] - The company established Xinjiang Guannong Testing Technology Co., Ltd. with an investment of CNY 20 million, which was included in the consolidation scope during the reporting period[23] - The company plans to sell its 54.55% stake in Zhejiang Xinwei Information Technology Co., Ltd. with a minimum price of CNY 148.38 million[23] Research and Development - R&D expenses for the reporting period were CNY 0.2391 million, a decrease of CNY 0.3266 million or 57.74% compared to the same period last year, mainly due to reduced technology R&D costs[21] - Research and development expenses for Q3 2020 were CNY 33,293.12, significantly lower than CNY 96,797.17 in Q3 2019[40] Inventory and Receivables - Accounts receivable at the end of the reporting period were 165.82 million RMB, a decrease of 42.18% compared to the beginning of the year, primarily due to a reduction in receivables from tomato product sales[19] - Inventory at the end of the reporting period was 627.91 million RMB, a decrease of 56.09% compared to the beginning of the year, mainly due to the sale of cotton product inventory[19] - Other receivables at the end of the reporting period were 149.05 million RMB, an increase of 268.66% compared to the beginning of the year, mainly due to increased dividends receivable from Guotou Luojiao Company and Kaidu River Hydropower[19] Government Subsidies - Non-operating income from government subsidies amounted to CNY 23,529,326.18 year-to-date[14] - Other income for the reporting period was CNY 23.34 million, an increase of CNY 17.94 million or 332.15% compared to the same period last year, mainly due to increased government subsidies[21]

Financial Performance - The company's operating revenue for the first half of 2020 was CNY 1,587,136,964.18, a decrease of 5.00% compared to the same period last year[17]. - The net profit attributable to shareholders of the listed company was CNY 177,019,093.36, an increase of 74.85% year-on-year[17]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 125,742,638.34, up 34.73% from the previous year[17]. - The net cash flow from operating activities was CNY 428,644,119.91, a decline of 55.34% compared to the same period last year[17]. - The total assets at the end of the reporting period were CNY 3,417,820,541.43, down 31.65% from the end of the previous year[17]. - The net assets attributable to shareholders of the listed company increased to CNY 2,349,294,349.80, reflecting an 8.16% increase year-on-year[17]. - Basic earnings per share for the first half of 2020 were CNY 0.2278, representing a 75.50% increase compared to the same period last year[18]. - The weighted average return on net assets was 7.83%, an increase of 2.95 percentage points year-on-year[18]. Revenue and Cost Analysis - The company's operating revenue for the reporting period was CNY 158,713.70 million, a decrease of CNY 8,348.95 million or 5.00% compared to the same period last year, primarily due to a decline in sales revenue from cotton products[20]. - The total operating costs decreased to CNY 1,416,312,866.82, down 15.06% from CNY 1,667,157,452.81 year-on-year[121]. - The cost of goods sold decreased by 14.06% to ¥1,315,862,432.12 from ¥1,531,202,440.98 year-on-year[43]. Investments and Acquisitions - The company completed the acquisition of a 51% stake in Yikang Warehousing, enhancing its strategic position in the Aksu cotton industry[46]. - The company signed framework agreements for acquiring controlling stakes in three cotton companies to expand its operational scale and market share[46]. - The company invested nearly CNY 3 million in a comprehensive fire safety intelligent early warning project to enhance safety measures[40]. - The company invested 2,000 million CNY in establishing Xinjiang Guannong Testing Technology Co., Ltd., with an actual investment of 450,000 CNY during the reporting period[54]. Shareholder and Equity Information - The company did not propose any profit distribution plan or capital reserve transfer to increase share capital for the reporting period[6]. - The company reported a profit distribution policy prioritizing cash dividends, aiming for a minimum of 80% of profits to be distributed as cash dividends during profit distribution periods without significant capital expenditure arrangements[71]. - The total number of ordinary shareholders at the end of the reporting period was 45,717[103]. - The largest shareholder, Xinjiang Guannong Group, held 320,932,708 shares, representing 40.89% of the total shares[103]. Risk Management and Compliance - The company anticipates facing risks from macroeconomic changes, talent retention, market competition, and environmental regulations[59][60][61][62]. - The company has committed to avoiding competition with its controlling shareholder, Guanyuan Investment, by ensuring that it and its controlled entities do not engage in similar business activities[69]. - The company has maintained compliance with legal and regulatory requirements, with no reported violations or significant debts due[74]. Social Responsibility and Community Support - The company donated nearly CNY 4.5 million in cash and materials to support epidemic prevention efforts and ensured a 100% fulfillment rate for logistics outflow plans[38]. - The company actively supports poverty alleviation through technical assistance, focusing on livestock disease prevention and breeding technology[88]. - The company supported 25 impoverished households by providing 10 sheep each, aiming to increase their net income by RMB 6,000 to RMB 10,000[84]. Environmental Management - The company has established an emergency response plan for environmental incidents, which was registered with the environmental protection bureau on May 18, 2020[92]. - The company has implemented a real-time self-monitoring system for wastewater discharge, including COD, pH, and ammonia nitrogen[93]. - The wastewater treatment facility of Green Yuan Sugar Industry has a daily processing capacity of 30,000 m³, but it was not operational in the first half of the year due to no production[89]. Human Resources and Management Changes - The company introduced 7 external professional managers and 54 various technical personnel to enhance its human resource capabilities[39]. - The company experienced changes in its management team, with the resignation of two executives and the appointment of two new executives during the reporting period[105]. Future Outlook and Strategic Initiatives - The company plans to enhance its agricultural service platform and improve the quality of agricultural products to mitigate market risks[61]. - The company is committed to continuous operation and has a clear strategy for future growth and market expansion[161]. - The company aims to strengthen its green development initiatives to comply with stricter environmental standards[62].

1 证券代码：600251 证券简称：冠农股份 公告编号：临 2020-062 新疆冠农果茸股份有限公司 关于参加 2020 年新疆辖区上市公司投资者网上集体 接待日活动的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 为便于广大投资者更深入全面地了解公司情况、发展战略、经营状况、融资 计划、股权激励、可持续发展等投资者所关心的问题，公司定于 2020 年 6 月 24 日下午 15:00-17:30 参加由新疆上市公司协会联合深圳市全景网络有限公司组 织开展的 2020 年新疆辖区上市公司投资者网上集体接待日活动。现将有关事项 公告如下： 本次集体接待日活动将在深圳市全景网络有限公司提供的网上平台，采取网 络远程的方式举行，投资者可以登录" 全 景 · 路演天下 "网站 （http://rs.p5w.net/）或关注微信公众号：全景财经（微信号：p5w2012），参 与公司本次投资者集体接待日活动，活动时间为 2020 年 6 月 24 日（星期三）15:00 —17:30。 出席本次集体接待日的人员有：公司董事 ...

Financial Performance - Operating revenue for the reporting period was CNY 334,836,534.19, representing a decline of 64.21% year-on-year [8]. - Net profit attributable to shareholders of the listed company was CNY 35,346,224.12, down 6.64% from the previous year [8]. - Basic and diluted earnings per share were both CNY 0.0453, a decrease of 6.02% year-on-year [8]. - The company reported non-operating income of CNY 50,722,351.23, which includes various non-recurring gains and losses [9]. - The net profit attributable to the parent company was RMB 35.35 million, a decrease of RMB 2.51 million or 6.64% year-on-year, primarily due to reduced investment income from an associated company [15]. - The company reported a significant increase in fair value gains of RMB 76.60 million, a 100% increase year-on-year, attributed to gains from futures contracts [15]. - Total operating revenue for Q1 2020 was CNY 334,836,534.19, a decrease of 64.1% compared to CNY 935,604,856.84 in Q1 2019 [26]. - The net profit for Q1 2020 was CNY 19,432,001.39, compared to a net profit of CNY 30,000,817.79 in Q1 2019, indicating a decrease of about 35.1% [31]. - The total comprehensive income for Q1 2020 was CNY 19,432,001.39, down from CNY 22,791,977.85 in Q1 2019, reflecting a decline of approximately 14.8% [31]. Cash Flow and Liquidity - Net cash flow from operating activities was CNY -6,249,728.08, a significant decrease of 101.19% compared to the same period last year [8]. - The company's cash and cash equivalents at the end of the reporting period were RMB 357.91 million, a decrease of RMB 582.81 million or 61.95% compared to the beginning of the year, primarily due to loan repayments [13]. - The cash flow from operating activities in Q1 2020 was CNY 671,003,977.34, compared to CNY 1,132,201,796.67 in Q1 2019, reflecting a decline of approximately 40.7% [31]. - Total cash inflow from operating activities was 696,516,494.66 RMB, while cash outflow was 702,766,222.74 RMB, resulting in a net cash flow deficit [32]. - The net cash flow from operating activities for Q1 2020 was -6,249,728.08 RMB, a significant decrease compared to 525,431,272.84 RMB in Q1 2019 [32]. - Cash and cash equivalents at the end of Q1 2020 were 246,166,679.80 RMB, down from 566,264,364.92 RMB at the end of Q1 2019 [34]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 4,229,727,782.52, a decrease of 15.42% compared to the end of the previous year [8]. - The company's current assets totaled CNY 2,240,992,116.57, down from CNY 3,087,380,747.83 in the previous year [21]. - Total liabilities were reported at CNY 1,654,047,578.62, down from CNY 2,495,737,132.41 in the previous year [23]. - The company's short-term borrowings decreased significantly to CNY 619,810,000.00 from CNY 1,287,110,000.00, a reduction of about 52% [22]. - The company's total assets decreased to CNY 2,303,547,955.42 from CNY 2,388,948,006.66, reflecting a decline of 3.6% [26]. - The company's total equity rose to CNY 2,118,975,970.59, an increase of 0.7% from CNY 2,099,543,969.20 in Q1 2019 [26]. Shareholder Information - The total number of shareholders at the end of the reporting period was 46,227 [9]. - The largest shareholder, Xinjiang Guannong Group Co., Ltd., held 320,932,708 shares, accounting for 40.89% of the total shares [9]. Operational Efficiency - The company's management expenses decreased by RMB 4.94 million or 23.45% year-on-year, mainly due to reduced land use fees after changing from leasing to ownership [15]. - The company's minority shareholders' profit increased by RMB 9.86 million or 779.38% year-on-year, primarily due to increased profits from the cotton business [17]. - The company's accounts receivable stood at CNY 260,482,682.31, slightly down from CNY 286,806,185.31, a decrease of approximately 9.2% [21]. - Inventory levels decreased to CNY 1,284,740,372.15 from CNY 1,429,895,379.81, indicating a decline of about 10.2% [21]. Research and Development - Research and development expenses for Q1 2020 were CNY 123,922.21, a significant decrease of 72.0% compared to CNY 443,672.71 in Q1 2019 [28].

Financial Performance - The company's operating revenue for 2019 was CNY 3,256,880,896.35, representing a 49.76% increase compared to CNY 2,174,777,459.60 in 2018[23] - The net profit attributable to shareholders for 2019 was CNY 169,692,781.41, an increase of 81.75% from CNY 93,367,618.07 in 2018[23] - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 144,141,833.84, which is a 116.49% increase compared to CNY 66,581,552.27 in 2018[23] - The basic earnings per share for 2019 was CNY 0.2177, representing an increase of 82.94% from the previous year[25] - The weighted average return on equity increased to 8.15%, up 3.48 percentage points compared to the previous year[25] - The net cash flow from operating activities was CNY 1,229.12 million, a significant increase of 778.63% year-on-year[26] - The company's total assets decreased by 19.51% to CNY 5,000.58 million compared to the end of 2018[24] - The net assets attributable to shareholders increased by 6.96% to CNY 2,172.10 million at the end of 2019[24] - The gross profit margin increased by 52.75%, attributed to the expansion of the company's main business operations[26] - Investment income decreased by 19.06% due to reduced profits from an associated company[26] Shareholder Returns - The company plans to treat the cash payment of CNY 43,001,695.89 for share repurchase as cash dividends for the 2019 profit distribution[8] - The company has established a clear profit distribution policy that aligns with relevant laws and regulations, enhancing transparency for investors[91] - The company’s profit distribution policy aims to create a sustainable and stable shareholder return mechanism[91] - The cash dividend ratio for 2019, including share repurchase payments, was 25.34%, which is below the 30% guideline[95] - The company has distributed a total of 69.43% of its average annual net profit to shareholders in cash from 2017 to 2019, exceeding the 30% commitment[95] - The company emphasizes the importance of retaining earnings to support business growth and mitigate uncertainties caused by the COVID-19 pandemic[95] Risk Management - The company emphasizes the importance of risk awareness regarding forward-looking statements in the report[9] - The company has detailed potential risks in the "Discussion and Analysis of Operating Conditions" section of the report[10] - The company recognizes external risks due to the ongoing pandemic and economic downturn, and is preparing to adapt its strategies accordingly[86] - The company faces market risks from intense competition in its three main sectors: cotton, sugar, and tomatoes[86] - The company is implementing measures to mitigate foreign exchange risks associated with its export sales, primarily denominated in USD[87] Operational Highlights - The company processed and sold approximately 130,000 tons of tomato products in 2019, accounting for over 17% of the national total production, with major exports to Italy, Russia, the Philippines, UAE, Togo, Nigeria, and Ghana[33] - The cotton processing capacity of the company is 100,000 tons, with an annual trade volume of over 150,000 tons of cotton lint, and the company holds a cotton storage capacity of 1.1 million tons[33] - The sugar production capacity from sugar beets is 50,000 tons annually, with a daily processing capability of 5,000 tons, utilizing advanced German equipment[33] - The company aims to become a leader in healthy food by integrating agriculture, processing, and logistics services[33] - The company is focused on innovation and structural optimization to enhance its core competitiveness and drive sustainable growth[38] Research and Development - The company invested over CNY 30 million in research and development in 2019, focusing on technological innovation and the establishment of key laboratories[41] - Research and development investments are being prioritized to enhance product innovation and market competitiveness[60] - The company plans to continue its focus on R&D projects, including key technologies for deep processing of tomatoes and related industries[63] Governance and Compliance - The company has received a standard unqualified audit report from Zhongshun Hua Certified Public Accountants[7] - The company has established a robust profit distribution plan to balance current funding needs with future development investments, aligning with regulatory guidelines and ensuring sustainable growth and shareholder returns[97] - The company has implemented strict confidentiality measures regarding insider information, with no incidents of information leakage reported during the period[182] - The company has not reported any significant internal control deficiencies during the reporting period[188] Environmental Responsibility - The company is committed to enhancing its environmental protection measures in response to stricter regulations and societal expectations[88] - The company has established a comprehensive environmental emergency response plan, which was registered with the local environmental protection bureau[140] - The company has received all necessary environmental impact assessments and discharge permits for its operations[139] - The company’s facilities have been equipped with real-time monitoring systems to ensure compliance with air and water quality standards[138] Community Engagement - The company invested CNY 275,000 to provide 250 breeding ewes to 25 impoverished households in the 51st Regiment, along with technical guidance from two dedicated staff members[132] - The company established an education assistance fund of CNY 5,000 for impoverished students in Su Tang Village to support their education[132] - The company is committed to strengthening organizational leadership and establishing a support mechanism for poverty alleviation efforts[133]

Financial Performance - Operating income increased by 41.59% to ¥2,367,358,161.93 year-to-date[17] - Net profit attributable to shareholders increased by 19.60% to ¥153,675,093.88 year-to-date[17] - Basic earnings per share increased by 20.53% to ¥0.1973[17] - The weighted average return on equity increased by 0.94 percentage points to 7.33%[17] - Operating revenue for the reporting period was 2.367 billion yuan, an increase of 41.59% year-on-year, mainly driven by increased sales of cotton and polyvinyl chloride products[32] - Operating costs increased to 2.176 billion yuan, an increase of 42.53% year-on-year, primarily due to increased sales of cotton and polyvinyl chloride products[32] - Net profit attributable to shareholders of the listed company was 153.68 million yuan, an increase of 19.60% year-on-year, primarily due to a decrease in asset impairment losses compared to the previous year[32] - Total operating revenue for Q3 2019 reached ¥696,731,701.06, a significant increase of 87.2% compared to ¥371,732,062.57 in Q3 2018[60] - Net profit for Q3 2019 was ¥32,391,104.26, representing a 8.5% increase from ¥29,926,724.84 in Q3 2018[63] - The total profit for the first three quarters of 2019 was CNY 200,977,594, compared to CNY 146,880,691 in the same period of 2018, indicating an increase of around 36.8%[66] Assets and Liabilities - Total assets decreased by 21.34% to ¥4,887,106,145.22 compared to the end of the previous year[17] - Cash and cash equivalents at the end of the reporting period amounted to 766.76 million yuan, a decrease of 28.15% compared to the beginning of the year, primarily due to the repayment of bank loans[29] - Accounts receivable increased to 59.81 million yuan, an increase of 93.15% compared to the beginning of the year, mainly due to an increase in receivables from sales of goods[29] - Inventory decreased to 1.17 billion yuan, a decrease of 32.56% compared to the beginning of the year, primarily due to the sale of cotton products[29] - The company's total current liabilities were 2,392,060,001.80 RMB, down from 3,725,973,366.91 RMB at the end of 2018, indicating a reduction of about 35.8%[48] - The company’s total liabilities and shareholders' equity reached CNY 2,697,171,472.08, compared to CNY 2,322,769,952.37 in the previous year[59] - Total liabilities amounted to CNY 563,299,968.67, compared to CNY 336,736,692.34 in the previous year[56] - The company’s total non-current liabilities were approximately ¥113.30 million[81] Cash Flow - Net cash flow from operating activities decreased by 10.71% to ¥1,067,191,395.96 year-to-date[17] - Cash inflow from operating activities was CNY 3,075,820,494.54, an increase of 22.1% compared to CNY 2,518,919,278.49 in the prior period[72] - The net cash flow from financing activities was negative at CNY -1,628,447,574.68, worsening from CNY -831,536,912.83 in the previous period[72] - Cash outflow from operating activities amounted to CNY 2,008,629,098.58, up 51.7% from CNY 1,323,736,665.05 in the previous period[72] - Cash inflow from investment activities totaled CNY 164,333,542.93, significantly higher than CNY 88,616,789.62 in the prior period, marking an increase of 85.5%[72] Shareholder Information - The number of shareholders at the end of the reporting period was 43,722[20] - The largest shareholder, Xinjiang Guannong Group Co., Ltd., holds 40.89% of the shares[20] - The company completed a share buyback of 7,848,425 shares, accounting for 1% of the total share capital, with an average repurchase price of 5.48 RMB per share, totaling 43 million RMB[39] Research and Development - Research and development expenses amounted to 565,700 yuan, an increase of 242.46% year-on-year, mainly due to increased costs for university technology service cooperation[32] - Research and development expenses for Q3 2019 amounted to ¥96,797.17, a significant increase from ¥37,405.92 in Q3 2018[60] Investments and Acquisitions - The company acquired 100% equity of Xinjiang Guannong Tomato Products Co., Ltd. by purchasing 3.05% and 4.24% stakes from other shareholders for a total of 1,539,450 RMB[36] - The company increased its wholly-owned subsidiary Xinjiang Guannong Tianfeng Property Co., Ltd.'s capital by 150 million RMB, raising its registered capital to 200 million RMB[39]

Financial Performance - The company's operating revenue for the first half of 2019 was CNY 1,670,626,460.87, an increase of 28.49% compared to the same period last year[21]. - The net profit attributable to shareholders of the listed company was CNY 101,242,013.30, representing a 3.95% increase year-on-year[21]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 93,332,744.62, up by 0.99% from the previous year[21]. - The basic earnings per share for the reporting period was CNY 0.1298, an increase of 4.59% year-on-year[21]. - The weighted average return on net assets was 4.88%, an increase of 0.02 percentage points compared to the previous year[21]. - The company achieved operating revenue of 1,670.63 million CNY, a year-on-year increase of 28.49%[39]. - The net profit attributable to the parent company was 101.24 million CNY, reflecting a 3.95% increase compared to the previous year[39]. - The company reported a significant increase of 361.40% in notes payable, reaching CNY 136.29 million, due to bank acceptance bills issued by subsidiaries[47]. - The company reported a net profit of 16.83 million yuan from Xinjiang Luyuan Sugar Industry Co., Ltd., contributing significantly to the company's overall profit[57]. - The company adjusted its sales revenue target for 2019 to 3 billion yuan, representing a 38% increase from the previous year, while maintaining a net profit target of 150 million yuan[66]. Cash Flow and Assets - The net cash flow from operating activities was CNY 959,730,078.03, a decrease of 18.46% compared to the same period last year[21]. - The total assets at the end of the reporting period were CNY 4,848,898,019.50, a decrease of 21.95% from the end of the previous year[21]. - Cash and cash equivalents decreased by 35.99% to ¥683,148,281.49, mainly due to loan repayments[46]. - Total current assets decreased to CNY 2,937,539,204.60 from CNY 4,131,889,578.97, a decline of approximately 29%[140]. - Total liabilities decreased to CNY 2,418,784,283.46 from CNY 3,839,278,266.64, a decline of around 37%[143]. - Short-term borrowings decreased significantly to CNY 997,000,000.00 from CNY 2,435,794,000.00, a reduction of approximately 59%[143]. - The company had cash and cash equivalents of 683,148,281.49 RMB as of June 30, 2019, compared to 1,067,199,218.75 RMB on December 31, 2018[137]. Investments and Subsidiaries - The company holds a 20.3% stake in Guotou Luokai and a 25.28% stake in Guodian Kaidu River, which are significant sources of profit[27]. - The company acquired 100% equity in Xinjiang Guannong Tomato Products Co., Ltd. for CNY 6.44 million, enhancing its market position in tomato sauce manufacturing and sales[50]. - The company has committed to avoiding competition with its controlling shareholder, Guanyuan Investment, by ensuring that it and its controlled entities do not engage in similar business activities[73]. - The company completed the absorption and merger of several subsidiaries, including Xinjiang Guannong Fruit and Vegetable Food Co., Ltd., and others, which are no longer included in the consolidated scope as of the reporting period[126]. Research and Development - Research and development expenses surged by 266.96% to ¥468,888.62, indicating a strong focus on innovation[44]. - The company has achieved significant technological advancements, including a patented continuous crystallization technology for sugar production[34]. - Research and development expenses increased significantly to CNY 458.67 million, up from CNY 124.06 million in the previous year, indicating a focus on innovation[157]. Debt and Financing - Long-term borrowings were fully repaid, reflecting a strategic focus on reducing debt levels[47]. - The company repaid 2,361,606,362.32 RMB in debt, significantly higher than 1,425,608,473.00 RMB in the previous period, reflecting a focus on debt reduction[163]. - The total guarantee amount (including guarantees to subsidiaries) is 623,679,122.22, which accounts for 30.82% of the company's net assets[101]. - The company provided guarantees totaling 502,755,157.22 to subsidiaries during the reporting period[101]. Shareholder Returns - The company has implemented a stable profit distribution policy, prioritizing cash dividends, with a minimum of 10% of the distributable profit allocated annually in cash dividends[79]. - The company plans to distribute at least 30% of the average annual distributable profit over the last three years in cash dividends[79]. - The company has a shareholder return plan for 2018-2020, focusing on cash dividends as the primary method of profit distribution[81]. - The company distributed dividends totaling 48,877,540.89 RMB, down from 69,103,991.42 RMB, reflecting a conservative approach to shareholder returns amid financial challenges[163]. Environmental and Social Responsibility - The company has established a mechanism for poverty alleviation, focusing on developing and nurturing advantageous characteristic industries to help impoverished groups[107]. - The company aims to help impoverished households achieve self-sufficiency through targeted assistance and development strategies[107]. - The company has established an education fund of 5,000 yuan annually from three entities to support impoverished students in Su Tang village[1]. - The company has committed to conducting at least two field investigations annually in the 51st regiment to assist in poverty alleviation planning and address practical difficulties faced by impoverished households[1]. Compliance and Governance - The company adheres to the accounting standards set by the Ministry of Finance of the People's Republic of China, ensuring the financial statements reflect the true financial condition and operating results[196]. - The company’s financial statements are prepared based on the going concern principle, complying with the relevant disclosure requirements of the China Securities Regulatory Commission[195]. - The company has initiated legal proceedings against two entities, with the case currently in the execution phase, but no progress has been reported as of the end of the reporting period[84]. - The company has no significant litigation or arbitration matters during the reporting period[85].

证券代码：600251 证券简称：冠农股份 公告编号：临2019-054 新疆冠农果茸股份有限公司 关于参加 2019 年新疆辖区上市公司投资者集体接待 日活动的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 为便于广大投资者更深入全面地了解公司情况、发展战略、经营状况、融资 计划、股权激励、可持续发展等投资者所关心的问题，公司定于 2019 年 7 月 26 日下午 15:00-17:30 参加由新疆上市公司协会联合深圳市全景网络有限公司组 织开展的 2019 年新疆辖区上市公司投资者集体接待日活动。现将有关事项公告 如下： 本次集体接待日活动将在深圳市全景网络有限公司提供的网上平台，采取网 络远程的方式举行，投资者可以登录"全景·路演天下"网（http://rs.p5w.net/） 或关注微信公众号：全景财经（微信号：p5w2012），参与公司本次投资者集体接 待日活动，活动时间为 2019 年 7 月 26 日（星期五）15:00 至 17:30。 出席本次集体接待日的人员有：公司董事长刘中海先生、董事会秘书 ...